Estate agent's mortgage broker

Wanderfree

FTB here. I've been searching for a property for 2 months now. Finding it a real struggle as stuff is getting sold in a day, sometimes never even hear about properties coming on the market despite trying to call agents daily. A property pinged up on Rightmove this morning, I called the agent and it went straight through to their mortgage broker who said sorry that property is actually sold, he knows because he's doing the mortgage application for the buyer. He proceeded to tell me that I might not get to hear about properties coming on the market because, even though I am registered with them, I have not seen their mortgage broker. Apparently if I come and get an agreement in principle with him I'll get on a fast track list and be a priority when it comes to informing people about new properties coming on the market! I am soooo annoyed and frustrated by this. All feels like scheming and exploiting first timer buyers.

I asked him if i got an agreement in principle with him would I be obliged to proceed with an application if I found a property through them and he said no. So I figure I could go along to the appointment, get the agreement in principle but still proceed through my preferred broker if I find something with that agent.

Any thoughts? Am I right to feel this is dodgy and exploitative? Should i just avoid this situation altogether or go ahead with my plan to take the appointment with their mortgage broker?
Thanks

merrydance

Hi
What's the name of the agents? Are they in a chain or independent?

betmunch

Massively dodgy and exploitative, I would avoid if you can.

Of course theres no obligation to use the in house broker, but do you really think they will honour their obligation to put your offer forward if you have just done this to tick a box.

Wanderfree

Hi merrydance
they are a big chain

Wanderfree

betmunch
yes, good point!

betmunch

ak102 wrote: »

Hi merrydance
they are a big chain

Big chains are the worst for it.

Will you fight the good fight and stick with your guy?

Or cave to the pressure to get the house they are selling?

Its a tough choice that I do not envy anyone having, I'm just glad where I am the problem isnt too bad.

merrydance

The name beginning with C

ACG

Take a look at page 10 http://www.cimaglobal.com/Documents/ImportedDocuments/The_estate_agency_guide_jan06.pdf

Report them! Nobody does and this is what happens.

betmunch

ACG wrote: »

Take a look at page 10 http://www.cimaglobal.com/Documents/ImportedDocuments/The_estate_agency_guide_jan06.pdf

Report them! Nobody does and this is what happens.

Spot on, I couldnt find that document for a moment or I would have said the same.

reehsetin

This may be an interesting read for you https://forums.moneysavingexpert.com/discussion/5196062

amnblog

I suspect they may be running a preferential system ak102 - although that would be illegal.


Properties go quickly because of high demand, not because of where you are obtaining your mortgage advice.


The mortgage adviser at the Estate Agent has now laid bare to you how he operates. You need to decide if that is the kind of person you want helping you make a major financial decision.